China sees approved QFII quota up in March

BEIJING -- China's dollar-denominated Qualified Foreign Institutional Investors (QFII) program saw its approved quota continue to rise in March, according to the country's forex regulator.

By March 27, the QFII quota stood at $101.596 billion, up from $101.45 billion a month earlier, data from the State Administration of Foreign Exchange showed.

Meanwhile, the quota in the RMB Qualified Foreign Institutional Investors (RQFII) program came in at 660.97 billion yuan (about $98.3 billion).

China's currency, the yuan, is convertible for trade purposes under the current account, while the capital account, which covers portfolio investment and borrowing, is largely run by the state in an effort to manage capital flows in and out of the country.

The QFII and RQFII programs, introduced in 2003 and 2011 respectively, allow overseas institutional investors to move money into China's capital account for investment.

China Securities Regulatory Commission, the country's securities watchdog, has started consulting public opinion on new rules that will combine the above two existing schemes.